Core Viewpoint - The announcement indicates a change in the controlling shareholder and actual controller of the company due to the transfer of state-owned shares from Jiulongjiang Group to Zhanglong Group, which is aimed at optimizing the structure of state-owned assets and enhancing the efficiency of state capital allocation [1][3]. Group 1: Shareholder Changes - Jiulongjiang Group will transfer 2,000,000 shares, representing 0.33% of the total share capital, to Zhanglong Group without compensation [3][4]. - After the transfer, Jiulongjiang Group will hold 307,522,643 shares, accounting for 50.97% of the total share capital [2][4]. - The transfer does not trigger mandatory tender offer obligations as it is a non-compensatory transfer [4][5]. Group 2: Shareholder Information - Jiulongjiang Group has a registered capital of 400 million RMB and is involved in various business activities including hazardous chemicals, oil wholesale, and construction [5]. - Zhanglong Group has a registered capital of 382.85 million RMB and engages in investment activities, agricultural services, and sales of various products [5][6]. Group 3: Compliance and Future Actions - Jiulongjiang Group has committed not to reduce its holdings in Zhanglong Group for 36 months following the completion of the share transfer [2][3]. - The company will fulfill its information disclosure obligations based on any future changes in shareholder holdings [7][8].

证券代码：600436 证券简称：片仔癀 公告编号：2025-019 漳州片仔癀药业股份有限公司关于国有股份无偿划转暨持 近日，公司收到控股股东九龙江集团《关于公司股份变动的告知 函》，现将本次权益变动情况公告如下： 1 本次权益变动系无偿划转，不触及要约收购。 本次权益变动不会使漳州片仔癀药业股份有限公司（以下简称"公 司"）控股股东及实际控制人发生变化。 本次权益变动后，信息披露义务人漳州市九龙江集团有限公司（以 下简称"九龙江集团"）仍持有公司 307,522,643 股，占公司总股 本 50.97%。 本次权益变动后，福建漳龙集团有限公司（以下简称"漳龙集团"） 承诺自股份过户登记完成之日起 36 个月内，不以任何方式主动减 持本次无偿划转中所取得的股份。 一、 本次国有股份无偿划转的基本情况 近日，九龙江集团收到漳州市国资委《关于划转九龙江集团持有 的公司部分股份的通知》，为进一步优化调整国有资产结构布局，提 升国有资本配置效率，整合推动市属国有企业高质量发展，九龙江集 团拟将其持有的公司 2,000,000 股（占公司总股本 0.33%）无偿划转 至漳龙集团。 2025 年 6 月 20 日，九龙 ...

金十数据6月23日讯，片仔癀公告称，九龙江集团拟将其持有的公司200万股无偿划转至漳龙集团。划转 后，九龙江集团仍持有公司307,522,643股，占总股本50.97%，漳龙集团持股增至1.17%。 片仔癀：九龙江集团拟将部分股份无偿划转至漳龙集团 ...

| 000538 | 云南白药 | -0.02 | 0.29 | -464.02 | | --- | --- | --- | --- | --- | | 603195 | 公牛集团 | -3.31 | 0.27 | -294.27 | | 000599 | 青岛双星 | 1.20 | 1.94 | -269.88 | | 603031 | 安孚科技 | 0.68 | 0.92 | -259.74 | | 603043 | 广州酒家 | -0.84 | 0.32 | -234.96 | | 002820 | 桂发祥 | 2.19 | 2.89 | -64.03 | | 600305 | 恒顺醋业 | 0.26 | 0.46 | 1.38 | | 603156 | 养元饮品 | -1.67 | 0.17 | 8.65 | | 001328 | 登康口腔 | 2.08 | 5.37 | 12.71 | | 002568 | 百润股份 | 0.53 | 1.34 | 13.18 | | 300999 | 金龙鱼 | 0.94 | 0.78 | 37.38 | | 000100 | TCL科技 | -0.46 | 0. ...

Core Viewpoint - The company aims to build itself into a world-class, top-tier pharmaceutical health industry group through continuous efforts in drug research and development, pharmaceutical commerce, daily chemical beauty, health food, and investment mergers and acquisitions, guided by the development philosophy of "Upholding Integrity and Innovation, Steady Progress for the Long Term" [2][11]. Company Strategy and Development - The 2024 annual shareholder meeting successfully completed voting on seven proposals, including the annual report, and highlighted the company's commitment to innovation and steady development [3][10]. - The company has prioritized "increasing technological innovation" in its future work plan for 2025, emphasizing the importance of innovation for sustainable development in the pharmaceutical industry [4][11]. Research and Development Achievements - The company has conducted 11 clinical studies and 23 pharmacological and toxicological studies for its core product, Pizhouhuang, and published 23 related research papers, showcasing significant results in the secondary development of traditional Chinese medicine [5][6]. - Pizhouhuang has been included in the "Guidelines for the Diagnosis and Treatment of Primary Liver Cancer (2024)" by the Chinese Association of Traditional Chinese Medicine, indicating its recognition as a recommended drug for this condition [6]. Product Pipeline and Future Plans - The company has developed a pipeline of 18 projects covering traditional Chinese medicine and chemical drugs, targeting urgent clinical needs such as non-alcoholic fatty liver disease and chronic obstructive pulmonary disease, with plans to initiate 2 new drug projects and 3 to 5 new clinical studies in 2025 [7][11]. - The company is committed to increasing R&D investment to create "blockbuster" products in both traditional Chinese and chemical medicine, aiming to generate greater value for shareholders [7][11]. Shareholder Engagement - The shareholder meeting featured active participation from shareholders, with discussions on core product pricing, cash dividends, marketing strategies, and brand reputation, demonstrating transparency and engagement from the company's management [3][8][9]. - The company has implemented strategies to stabilize product pricing and enhance sales performance through optimized channels and partnerships with major online platforms [9]. Conclusion - The company is positioned as a leader in the traditional Chinese medicine industry, focusing on both core product enhancement and innovative drug development to explore new growth avenues while maintaining its heritage [11].

Core Points - The company held a shareholders' meeting on June 20, 2025, at the Zhangzhou Xiangjiang Hotel [2] - All resolutions proposed during the meeting were approved with significant majority votes [1][3] Voting Results - The voting results showed that the majority of A-shareholders voted in favor of the resolutions, with approval rates ranging from 99.7391% to 99.8057% [1][3] - Specific voting numbers included 352,396,154 votes (99.7845% approval) for one resolution and 352,471,154 votes (99.8057% approval) for another [1] Legal Compliance - The meeting and voting procedures complied with the Company Law and the company's articles of association, ensuring the legitimacy of the proceedings [1][3] - The presence of legal representatives confirmed that the meeting adhered to all relevant legal and regulatory requirements [3]

证券代码：600436 证券简称：片仔癀 公告编号：2025-018 漳州片仔癀药业股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 2,023 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 353,157,040 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份 | 58.5358 | | 总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况 等。 表决方式符合《公司法》及《漳州片仔癀药业股份有限公司章程》（以下简 称"《公司章程》"）的规定，公司董事长林志辉先生主持本次会议。大会采用网 络投票和现场投票相结合的方式进行表决。会议的召开和表决程序符合《公司法》 (一) 股东会召开的时间：2025 年 6 月 20 日 (二) 股东会召开的地点：漳州市芗城区漳州芗江酒店二楼（芝 ...

泰和泰(北京)律师事务所 关于漳州片仔擴药业股份有限公司 2024 年年度股东大会 法律意见书 泰和泰证字[2025]PZH-01 号 泰和泰（北京）律师事务所 北京市朝阳区东四环中路 56 号远洋国际中心 A 座 12 层 电话: （010）85865151 传真: （010）85861922 邮政编码: 100025 泰和泰（北京）律师事务所关于漳州片仔擴药业股份有限公司 2024 年年度股东大会法律意见书 泰和泰（北京）律师事务所 关于漳州片仔癫药业股份有限公司 2024 年年度股东大会法律意见书 泰和泰证字[2025]PZH-01 号 致:漳州片仔赛药业股份有限公司 泰和泰（北京）律师事务所（以下简称"本所"）接受漳州片仔擴药业股份 有限公司（以下简称"公司"）的委托,指派许军利律师、殷庆莉律师对公司 2024 年年度股东大会（以下简称"本次股东大会"）进行见证,并依据《中华 人民共和国公司法》（以下简称"《公司法》"）、中国证券监督管理委员会《上 市公司股东会规则》（以下简称"《股东会规则》"）、《上海证券交易所上市 公司自律监管指引第 1 号——规范运作（2025 年 5 月修订 》（以下简称"《 ...

Industry Overview - The Chinese medicine sector experienced a decline of 0.32% last week, while the overall pharmaceutical sector showed mixed performance with a 1.4% increase in the pharmaceutical and biological index [3][4] - The performance of the Chinese medicine sector is relatively weak compared to other pharmaceutical sub-sectors, with chemical pharmaceuticals showing the best performance with a 3.53% increase [3][4] Company Performance - Top-performing companies in the Chinese medicine sector include Kanghui Pharmaceutical, Enwei Pharmaceutical, Kangyuan Pharmaceutical, Zhongsheng Pharmaceutical, and Zhendong Pharmaceutical [4] - Underperforming companies include Wanbangde, Longjin Retreat, Biological Valley, Guangyuyuan, and Jiu Zhitang [4] Valuation Metrics - The price-to-earnings (PE) ratio for the Chinese medicine sector is 27.68X, reflecting a decrease of 0.1X week-on-week, with a one-year maximum of 30.13X and a minimum of 22.58X [5] - The price-to-book (PB) ratio stands at 2.29X, down 0.01X from the previous week, with a one-year maximum of 2.65X and a minimum of 1.99X [5] - The current PE is at the 29.83% percentile since 2013, while the PB is at the 5.56% percentile during the same period [6] Raw Material Market - The market for raw Chinese medicinal materials is under pressure, with a total index price of 241.57 points, reflecting a 0.7% decrease week-on-week [7] - Among the twelve categories of medicinal materials, five categories saw price increases while seven experienced declines, with the plant leaf category showing the largest drop [7] Policy and Market Dynamics - The third batch of national collection for traditional Chinese medicine began implementation in April 2025, with at least 19 provinces releasing results [8] - The collection involves 20 product groups and 95 products, with 174 selected drugs, indicating a trend towards price rationalization in the sector [8] - There is a need for further optimization of selection rules due to insufficient completion rates in local collections [8] Investment Recommendations - The report maintains an "overweight" rating for the industry, suggesting three main investment themes: price governance, consumption recovery, and state-owned enterprise reform [9][10][11] - Price governance focuses on the impact of collection and negotiation on drug prices, with a recommendation to pay attention to companies with strong R&D capabilities and unique products [9] - Consumption recovery is driven by macroeconomic improvement and aging population, favoring companies with brand and material advantages [10] - State-owned enterprise reform presents opportunities for performance improvement and efficiency gains in the Chinese medicine sector [11] - Recommended investment targets include Zoli Pharmaceutical, Pian Zai Huang, and Shou Xian Gu, which are expected to benefit from these trends [11]

Core Viewpoint - Pianzaihuang (600436.SH) has topped the "Hurun Brand List" for five consecutive years but is facing significant challenges, including a slowdown in revenue and profit growth in 2024, attributed to rising raw material costs and a failed pricing strategy [1][2]. Financial Performance - In 2024, Pianzaihuang achieved revenue of approximately 10.788 billion yuan, a year-on-year increase of 7.25%, and a net profit of 2.977 billion yuan, up 6.42% [2]. - The revenue growth rate for 2024 is the lowest since 2016, with a notable decline in Q4, where both revenue and net profit decreased [2][3]. - Q4 revenue was 2.338 billion yuan, marking a year-on-year decline of 4.92%, while net profit fell by 26.07% [2][3]. Cost Pressures - Rising prices of key raw materials have significantly impacted profit margins, with the price of natural cow bile increasing from 650,000 yuan/kg in January 2023 to 1.65 million yuan/kg by January 2025 [4][5]. - Pianzaihuang's inventory increased by 47.01% year-on-year to approximately 4.987 billion yuan, with raw material inventory growing by about 60% [5]. Pricing Strategy - In May 2023, Pianzaihuang raised the price of its main product, Pianzaihuang pills, by 28.8%, but this led to a decline in sales volume in 2024 [6][7]. - The revenue from the pharmaceutical manufacturing segment was approximately 5.663 billion yuan in 2024, a growth rate lower than the previous year [6][7]. Business Segments - The liver disease medication segment generated about 5.31 billion yuan in revenue, growing 18.98%, while the cardiovascular medication segment saw a revenue increase of only 7.03% [7]. - The cosmetics business, viewed as a secondary growth driver, accounted for less than 10% of total revenue and has shown stagnant growth over the past four years [9]. Regional Performance - Revenue growth varied by region, with the Northeast and North China regions experiencing declines in revenue and gross margin [8]. - The East China region, a key market for Pianzaihuang, saw only a 0.79% increase in revenue, the slowest growth among domestic regions [8].